‘TIMBER EXPORTS TO BOUNCE BACK’
Furniture demand from US, the ‘biggest buyer’, set to surge, says minister
MALAYSIA’S timber exports are anticipated to rebound this year, supported by a surge in demand from the United States market, said Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani.
He said the Malaysian furniture industry was predominantly export-oriented, with 44 per cent of timber exports shipped to 186 countries in the last five years.
“The US is the largest buyer of Malaysian furniture, accounting for over half of furniture exports.
“This year, we are confident that this industry’s exports will return to their original position. We will ensure that our exports meet the world’s standards,” he said after officiating at the launch of the Malaysia International
Furniture Fair (MIFF), here, yesterday.
Exports of timber and timber products fell by 13.2 per cent to RM21.9 billion in 2022, whereas furniture exports fell 18.1 per cent to RM9.1 billion last year.
Johari said trade shows such as MIFF played a vital role in facilitating trade and reaching new markets.
“I have been made to understand that the expected sales generated during MIFF 2024 could reach up to US$1.3 billion. This is a very inspiring target, and I hope it can be realised.”
Johari said the government had spent almost RM1 billion for the Forest Plantation Development Programme and provided soft loans to 88 companies for replanting projects.
“This is for reforestation efforts involving 142,000ha. This is expected to yield results in seven to 15 years,” he added.
Meanwhile, MIFF reported a six per cent increase in he number of visitors this year, highlighting the event’s growing prominence in the industry.
With 714 exhibitors from 15 countries and regions, including Malaysia and top furniture-producing countries in Asia, MIFF continues to attract a diverse range of participants.
MIFF founder and chairman Datuk Tan Chin Huat said it was hoped the event would spur another robust round of deals following last year’s 19 per cent jump in sales to US$1.21 billion.
He said this year, exhibitors came from Cambodia, China, Hong Kong, India, Indonesia, Japan, Singapore, South Korea, Taiwan, Thailand, Turkiye, Vietnam, the United Arab Emirates, and the US.
“We expect to welcome 20,000 visitors during the exhibition that ends on Monday,” he added.